The Retirement Crisis: Why 68% Of Americans Aren’t Saving In An Employer-Sponsored Plan

Few Americans are saving enough for retirement, suggesting many workers may face a retirement with a lower standard of living, according to a recent study released by the Schwartz Center for Economic Policy Analysis at the New School.

Since Social Security cannot fully replace income in retirement, other savings is needed, and that usually comes in the form of funds accumulated in employer-sponsored retirement plans such as 401(k)s.

However, in 2011, almost half of working Americans were not offered a retirement account by their employer — the result of a longer trend in which, from 1999 to 2011, the percentage of workers being offered such plans declined from 61% to 53%.